If you don't like waiting for months for a response to your offer to purchase, Bank Owned Properties may be the way for you to purchase a home at a terrific price. These are homes that have already gone thru foreclosure and the bank now owns them. The Bank had to pay a tremendous amount of money to foreclose on the house as well as they have all the mounting expenses and headaches associated with a portfolio of vacant homes, where they are making no money on them as they sit there vacant. The Bank is a a motivated seller!
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When making an offer on a pre-foreclosure it could take as long as 6 weeks to 3 months or longer to get a response on an offer and be able to close. You have be be very patient and have a pretty open time line on the date you have to move in when considering a pre-foreclosure.
With a bank owned home, your realtor should get a response from the Bank within a day to a few days -- much quicker response than a shortsale.
The Bank will very often will price the house extremely low in order to draw a lot of attention to it. The Bank would love to get multiple offers and to pick the the highest and best offer - that's great marketing on the bank's part - basically performing an auction with the house going to the highest bidder.
When making an offer on a bank owned home, you have to keep in mind that the house 99% of the time will be sold as-is with no repairs.
Some Bank Owned Homes may be in near perfect shape - move in ready, while others are really beat up, depending on the mood of the person that owned the home before the bank did. I always advise my home buyers to pay for a home inspection done so that the home buyer has a better idea what works and what doesn't, also the life left on the roof, etc.
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Looking forward to your calls,
Tampa Home Buy Realty
Realtors Serving Hillsborough, Pasco, Hernando & Pinellas Counties
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